SIFMA

Much of the material being retired dates back more than 35 years.

From ESG to infrastructure, regulation to legislation, SIFMA's President and CEO Ken Bentsen and Managing Director and Associate General Counsel Leslie Norwood discuss what SIFMA members are prioritizing on Wall Street and in Washington when it comes to munis. Lynne Funk and Kyle Glazier host. (34 minutes)

The dealer group is concerned the SEC may provide another exemption for municipal advisors to work on private placement deals.

The reduction would be the largest the MSRB has done, substantially more than a previous one which caused a loss of $5.2 million.

Since a temporary exemption allowing muni advisors to facilitate certain private placement deals expired, a federal court cannot strike it down, the SEC argued.

The group specifically revised six of its model disclosure documents for risk disclosure including floating rate notes, fixed-rate bonds, interest rate swaps, forward delivery bonds, tender offer bonds and variable rate demand obligations.

Dealers said the pandemic has highlighted the challenges of outdated rules and the need to modernize them.

The MSRB is planning to overhaul existing rules in 2021, while stakeholders will lobby the SEC for and against reviving a registration exemption for muni advisors.

Sources see ways to get more investment in infrastructure with municipal bond provisions, but bipartisanship will be essential.

SEC Chair Clayton told Rep. French Hill, R-Ark., late last week that he expects the program to sunset at year's end as scheduled.